How to Help Seniors Manage Their Finances
Put important financial dates on the calendar.
Why It's Important to Put Regular Payment Dates and Decision Deadlines on the Calendar
During the course of the year, it's likely that your loved ones will need to make payments that aren't part of a monthly billing system. Also, they might need to make decisions that can only be made at certain times of the year. Making a calendar for them and you can help you anticipate these payments and decisions, helping you get them done on time. These payments and decisions might include:
- Term accounts (such as certificates of deposits) that mature and need to be cashed or renewed.
- Federal and state income taxes; they may have quarterly estimated or other taxes to pay, as well as their yearly returns to file.
- Property taxes that may be due on a semiannual or quarterly basis, if they own any real estate.
- Medicare Advantage (Part C) managed care plans can joined, coming from traditional Medicare coverage or from a different Part C plan, during the plans' open enrollment period, which lasts for at least a month each autumn.
- Medicare Part D prescription drug plans may be switched to one with better coverage during an open enrollment period from November 15 to December 31 each year.
